Latest news with #ArcherMidnight
Yahoo
21-05-2025
- Business
- Yahoo
A short-seller has challenged Jimmy Fallon to a $1 million bet over an air-taxi company he's promoted
A short-seller betting against Archer Aviation is also offering a popular celebrity backer a "friendly wager." Culper Research said it was shorting Archer stock because it believed the firm "misled" investors about its aircraft. If Fallon accepts Culper's bet, he and three others need to take a flight on an Archer Midnight. A short-seller is betting against the stock of Archer Aviation — and is offering a prominent celebrity backer of the company a chance to put his money where his mouth is. Culper Research offered "The Tonight Show" host Jimmy Fallon $1 million to take a flight on an aircraft made by a company he's promoted on his show. In a new report outlining its short bet, Culper said it was shorting Archer shares due to its belief that the air taxi company had misrepresented its progress to investors on developing and testing its Midnight Aircraft. The report also claims that Fallon was being paid for promoting Archer on his TV show. Culper says Archer CEO Adam Goldstein paid "millions" to appear on The Tonight Show, referring to a recent interview Fallon conducted with Goldstein about the air taxi company's Olympic partnership. Culper also pointed to Fallon's appearance at a recent promotional event held by Archer in New York. The short-seller said it was "extending a friendly wager" to Fallon to take an FAA-compliant commercial flight on an Archer Midnight with a pilot and three other people. If Fallon accepts, the flight will need to take place before July 30, 2028, which will mark the end of the Olympics. The bet would entail Culper and Fallon each setting aside $1 million in escrow. If Fallon agrees to the terms and takes the flight, he'll get the combined $2 million. If Fallon refuses, the firm said it would take the money and donate it to four charities in New York City and Los Angeles. "Jimmy — we propose you set aside a portion of the money that you've made promoting Archer — both on your show, and via your appearance at the Company's recent NYC event — and match us," Culper said. "If you truly believe in what you're being paid to promote to the general public, prove it." Representatives for The Tonight Show and Archer Aviation did not immediately respond to a request for comment. Culper Research founder Christian Lamarco declined to comment further. Culper Research, a short-seller founded by Lamarco in 2019 and based in New York City, said it believed Archer's promotions have concealed "far more deep-seated problems" with its Midnight aircraft. The short-seller said it obtained recent email conversations between Archer's flight test team and the City of Salinas Fire Department, which showed that the air taxi company didn't have the Midnight aircraft until early March, though it publicly claimed that the aircraft was "fully assembled" in late February. Culper said the Salinas Fire Department also took photos of Archer's Midnight in April, which showed that the aircraft was "in a state of disrepair." Culper also said it had "investigators" stationed nearby Archer's Salinas and Watsonville locations. The investigators saw that the company only conducted one low-speed ground run in an eight-day period, during which the aircraft never took flight. The firm said it believed the aircraft was "nowhere close to flying." The FAA issued a public inspection for the final airworthiness criteria for Archer's Midnight in May 2024. That gives Archer the ability to work with the regulatory agency to obtain the last remaining approvals as it tries to get its Midnight aircraft certified. Read the original article on Business Insider
Yahoo
21-05-2025
- Business
- Yahoo
A short-seller has challenged Jimmy Fallon to a $1 million bet over an air-taxi company he's promoted
A short-seller betting against Archer Aviation is also offering a popular celebrity backer a "friendly wager." Culper Research said it was shorting Archer stock because it believed the firm "misled" investors about its aircraft. If Fallon accepts Culper's bet, he and three others need to take a flight on an Archer Midnight. A short-seller is betting against the stock of Archer Aviation — and is offering a prominent celebrity backer of the company a chance to put his money where his mouth is. Culper Research offered "The Tonight Show" host Jimmy Fallon $1 million to take a flight on an aircraft made by a company he's promoted on his show. In a new report outlining its short bet, Culper said it was shorting Archer shares due to its belief that the air taxi company had misrepresented its progress to investors on developing and testing its Midnight Aircraft. The report also claims that Fallon was being paid for promoting Archer on his TV show. Culper says Archer CEO Adam Goldstein paid "millions" to appear on The Tonight Show, referring to a recent interview Fallon conducted with Goldstein about the air taxi company's Olympic partnership. Culper also pointed to Fallon's appearance at a recent promotional event held by Archer in New York. The short-seller said it was "extending a friendly wager" to Fallon to take an FAA-compliant commercial flight on an Archer Midnight with a pilot and three other people. If Fallon accepts, the flight will need to take place before July 30, 2028, which will mark the end of the Olympics. The bet would entail Culper and Fallon each setting aside $1 million in escrow. If Fallon agrees to the terms and takes the flight, he'll get the combined $2 million. If Fallon refuses, the firm said it would take the money and donate it to four charities in New York City and Los Angeles. "Jimmy — we propose you set aside a portion of the money that you've made promoting Archer — both on your show, and via your appearance at the Company's recent NYC event — and match us," Culper said. "If you truly believe in what you're being paid to promote to the general public, prove it." Representatives for The Tonight Show and Archer Aviation did not immediately respond to a request for comment. Culper Research founder Christian Lamarco declined to comment further. Culper Research, a short-seller founded by Lamarco in 2019 and based in New York City, said it believed Archer's promotions have concealed "far more deep-seated problems" with its Midnight aircraft. The short-seller said it obtained recent email conversations between Archer's flight test team and the City of Salinas Fire Department, which showed that the air taxi company didn't have the Midnight aircraft until early March, though it publicly claimed that the aircraft was "fully assembled" in late February. Culper said the Salinas Fire Department also took photos of Archer's Midnight in April, which showed that the aircraft was "in a state of disrepair." Culper also said it had "investigators" stationed nearby Archer's Salinas and Watsonville locations. The investigators saw that the company only conducted one low-speed ground run in an eight-day period, during which the aircraft never took flight. The firm said it believed the aircraft was "nowhere close to flying." The FAA issued a public inspection for the final airworthiness criteria for Archer's Midnight in May 2024. That gives Archer the ability to work with the regulatory agency to obtain the last remaining approvals as it tries to get its Midnight aircraft certified. Read the original article on Business Insider
Business Insider
20-05-2025
- Business
- Business Insider
A short-seller has challenged Jimmy Fallon to a $1 million bet over an air-taxi company he's promoted
A short-seller betting against Archer Aviation is also offering a popular celebrity backer a "friendly wager." Culper Research said it was shorting Archer stock because it believed the firm "misled" investors about its aircraft. If Fallon accepts Culper's bet, he and three others need to take a flight on an Archer Midnight. Culper Research offered "The Tonight Show" host Jimmy Fallon $1 million to take a flight on an aircraft made by a company he's promoted on his show. In a new report outlining its short bet, Culper said it was shorting Archer shares due to its belief that the air taxi company had misrepresented its progress to investors on developing and testing its Midnight Aircraft. The report also claims that Fallon was being paid for promoting Archer on his TV show. Culper says Archer CEO Adam Goldstein paid "millions" to appear on The Tonight Show, referring to a recent interview Fallon conducted with Goldstein about the air taxi company's Olympic partnership. Culper also pointed to Fallon's appearance at a recent promotional event held by Archer in New York. The short-seller said it was "extending a friendly wager" to Fallon to take an FAA-compliant commercial flight on an Archer Midnight with a pilot and three other people. If Fallon accepts, the flight will need to take place before July 30, 2028, which will mark the end of the Olympics. The bet would entail Culper and Fallon each setting aside $1 million in escrow. If Fallon agrees to the terms and takes the flight, he'll get the combined $2 million. If Fallon refuses, the firm said it would take the money and donate it to four charities in New York City and Los Angeles. "Jimmy — we propose you set aside a portion of the money that you've made promoting Archer — both on your show, and via your appearance at the Company's recent NYC event — and match us," Culper said. "If you truly believe in what you're being paid to promote to the general public, prove it." Culper Research, a short-seller founded by Lamarco in 2019 and based in New York City, said it believed Archer's promotions have concealed "far more deep-seated problems" with its Midnight aircraft. The short-seller said it obtained recent email conversations between Archer's flight test team and the City of Salinas Fire Department, which showed that the air taxi company didn't have the Midnight aircraft until early March, though it publicly claimed that the aircraft was "fully assembled" in late February. Culper said the Salinas Fire Department also took photos of Archer's Midnight in April, which showed that the aircraft was "in a state of disrepair." Culper also said it had "investigators" stationed nearby Archer's Salinas and Watsonville locations. The investigators saw that the company only conducted one low-speed ground run in an eight-day period, during which the aircraft never took flight. The firm said it believed the aircraft was "nowhere close to flying."
Business Insider
20-05-2025
- Business
- Business Insider
A short-seller has challenged Jimmy Fallon to a $1 million bet over an air-taxi company he's promoted
A short-seller betting against Archer Aviation is also offering a popular celebrity backer a "friendly wager." Culper Research said it was shorting Archer stock because it believed the firm "misled" investors about its aircraft. If Fallon accepts Culper's bet, he and three others need to take a flight on an Archer Midnight. A short-seller is betting against the stock of Archer Aviation — and is offering a prominent celebrity backer of the company a chance to put his money where his mouth is. Culper Research offered "The Tonight Show" host Jimmy Fallon $1 million to take a flight on an aircraft made by a company he's promoted on his show. In a new report outlining its short bet, Culper said it was shorting Archer shares due to its belief that the air taxi company had misrepresented its progress to investors on developing and testing its Midnight Aircraft. The report also claims that Fallon was being paid for promoting Archer on his TV show. Culper says Archer CEO Adam Goldstein paid "millions" to appear on The Tonight Show, referring to a recent interview Fallon conducted with Goldstein about the air taxi company's Olympic partnership. Culper also pointed to Fallon's appearance at a recent promotional event held by Archer in New York. The short-seller said it was "extending a friendly wager" to Fallon to take an FAA-compliant commercial flight on an Archer Midnight with a pilot and three other people. If Fallon accepts, the flight will need to take place before July 30, 2028, which will mark the end of the Olympics. The bet would entail Culper and Fallon each setting aside $1 million in escrow. If Fallon agrees to the terms and takes the flight, he'll get the combined $2 million. If Fallon refuses, the firm said it would take the money and donate it to four charities in New York City and Los Angeles. "Jimmy — we propose you set aside a portion of the money that you've made promoting Archer — both on your show, and via your appearance at the Company's recent NYC event — and match us," Culper said. "If you truly believe in what you're being paid to promote to the general public, prove it." Representatives for The Tonight Show and Archer Aviation did not immediately respond to a request for comment. Culper Research founder Christian Lamarco declined to comment further. Culper Research, a short-seller founded by Lamarco in 2019 and based in New York City, said it believed Archer's promotions have concealed "far more deep-seated problems" with its Midnight aircraft. The short-seller said it obtained recent email conversations between Archer's flight test team and the City of Salinas Fire Department, which showed that the air taxi company didn't have the Midnight aircraft until early March, though it publicly claimed that the aircraft was "fully assembled" in late February. Culper said the Salinas Fire Department also took photos of Archer's Midnight in April, which showed that the aircraft was "in a state of disrepair." Culper also said it had "investigators" stationed nearby Archer's Salinas and Watsonville locations. The investigators saw that the company only conducted one low-speed ground run in an eight-day period, during which the aircraft never took flight. The firm said it believed the aircraft was "nowhere close to flying." The FAA issued a public inspection for the final airworthiness criteria for Archer's Midnight in May 2024. That gives Archer the ability to work with the regulatory agency to obtain the last remaining approvals as it tries to get its Midnight aircraft certified.
Forbes
17-04-2025
- Business
- Forbes
Here's How Archer Thinks Air Taxis Could Work In New York — If Approved
A render of the Archer Midnight with United branding over New York, where the company hopes to ... More rollout services. What could an air taxi network in New York look like? Archer has its answer: ditching cabs to get from the city centre to local airports in mere minutes. Archer Aviation is one of several firms racing to offer the first "air taxi" networks — in the US or elsewhere — using eVTOL (electric take off and landing) aircraft, though they all await certification. Under these proposals, it would team up with United Airlines and other partners to use Archer's air taxi to ferry passengers to airports. "Under this concept of operations, passengers would book Archer flights as a complement to traditional airline travel, reducing door-to-door travel times," the company said in a statement, noting United has been a "long-time investor" in the company. In a statement, Archer said it would make use of existing "aviation properties" in the region, taking advantage of New York's existing network of airports and helipads. It aims to link JFK, LaGuardia and Newark airports with regional airports including Westchester, Teterboro and Republic Airport in Long Island with helipads at East 34th Street, West 30th Street and the Downtown Skyport. Archer's proposed network map of "flying taxi" services in New York. "With its existing helicopter infrastructure, regulatory support and strong demand, I believe New York could be one of the first markets for air taxis in the United States," said Adam Goldstein, CEO and founder of Archer. The Midnight aircraft is piloted, can carry four passengers, and will be quieter and less polluting than the helicopters that currently traverse New York skies. Goldstein told me in an interview a few weeks back that the aircraft was "the evolution of the helicopter." As with any air taxi route maps, caveats abound. So far, this is just a network map proposal, with no solid timetable in place as Archer is still working with the Federal Aviation Authority on Type Certification for its "Midnight" aircraft, but the regulator paused its eVTOL ruling to give the Trump administration time to assess the plans. Plus, it's worth noting that this isn't the first air taxi network announced by Archer, with similar plans unveiled for San Francisco and LA last year. Naturally, neither are yet in the air because of the lack of certification, but Archer said at the time of the LA announcement in August that its goal was to begin operations in the region in 2026. Rival Joby recently unveiled similar plans in the UK. As with New York, Archer's LA and San Francisco networks target two-hour-long drives with flights of up to 20 minutes. In New York, Archer said the aim would be to fly passengers from central locations to airports in five to 15 minutes. Given Archer and American rivals Joby both rely on FAA certification to take to the air in the US, it's perhaps more likely both will begin services in Abu Dhabi and Dubai where each have plans to begin services in the next year or so, respectively. UK-based Vertical Aerospace plans to reach certification by 2028. So far, the first eVTOL style air taxi to win type certification is EHang, which received approval from China's Civil Aviation Administration earlier this year, and plans to begin very limited commercial services for tourist trips this summer. Perhaps no surprise given the ongoing trade kerfuffle sparked by Trump, Archer stressed it was building the Midnight aircraft in the US.
